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Orascom Construction posts 18% profit decrease

Orascom Construction posts 18% profit decrease

ArabFinance: Orascom Construction PLC (ORAS) reported an 18% Year on Year (YoY) decline in its net consolidated profit for 2019.

The company posted a net consolidated profit of $131 million in 2019, compared to $154.7 million in the corresponding year, according to the released financial statement.

However, the company achieved a standalone profit worth $12,170,856 in 2019, against incurring a net loss of $36,339,899 in 2018.

The board of directors proposed cash dividends of $0.21 per share for 2019. Consolidated backlog grew 25.8% y-o-y to $5.4 billion and pro forma backlog including 50% share in BESIX increased 15.4% y-o-y to $8.1 billion as of 31 December 2019.

Net income attributable to shareholders in amounting to $27.6 million in Q4 2019 and $121.3 million in 2019.

The company disclosed on Wednesday that Sustainable Capital Africa Alpha Fund purchased on March 18th 12,015 shares at a price of EGP 55.00 per share.

Following this transaction, Sustainable Capital Africa Alpha Fund owned 8.61% of total shares outstanding. On October 2nd, the fund owned 7.61% of the company’s total shares outstanding.

Orascom Construction PLC is a leading global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa and the United States. The Group has consistently ranked among the world’s top contractors and is ranked number 42 on ENR’s 2019 Top 250 International Contractors list.

It also develops and invests in infrastructure opportunities, owns 50% of BESIX Group, and holds a construction materials and facilities management portfolio.

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